Life Insurance Business prepares Financial Statement as per IRDA regulations, for Purpose of Taxation Section 44 can Apply: ITAT grants relief to HDFC Life Insurance [Read Order]

By Sunayana Dhal - On December 2, 2023 10:45 am - 2 mins read
Life Insurance Business - Financial Statement -IRDA regulations-Taxation - ITAT grants relief - HDFC Life Insurance -TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) granted relief to HDFC Life Insurance Company and held that when the life insurance business prepares the financial statement as per the Insurance Regulatory and Development Authority Act (IRDA) regulations, then for the purpose of taxation the provision of Section 44 of the Income Tax…

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